Savings & Retirement
China Is Blocking Fleeing Hong Kongers From Getting Their Retirement Money
HSBC, Manulife and AIA are among financial institutions embroiled in a fight over billions of dollars in savings in retirement accounts.
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As tens of thousands flee Hong Kong for a new life in the U.K., they’re confronting the risk that they will be forced to leave behind their retirement savings as China intensifies its crackdown on the city’s freedoms.
Scores are being denied access to money in the Mandatory Provident Fund because of the cascading impact of Beijing’s decision in January to withdraw recognition of British National Overseas passports as valid official documents.